Experienced Mortgage Loan Experts

A Mortgage Financing Option That Is Perfect for Your Situation.

There’s no such thing as a universal loan solution, because every homeowner has different needs. We all have different needs, objectives, and aspirations. That’s why we take the time to get to know your individual requirements and tailor a mortgage loan that’s aligned with your needs.

We help people from every background:

• First-time homebuyers
• Clients facing credit obstacles
• Healthcare workers with student loan obligations
• Custom home contractors
• Active-duty personnel and vets
• And many more

If you’re unsure you won’t be eligible or don’t have enough cash upfront, don’t count yourself out. Give one of our experienced mortgage professionals a call, and you’ll be amazed by how many financing paths there are for you at Summit Home Loans.

Conventional Loans

Conventional loans operate differently than government-backed mortgage loans. They are made available through financial institutions, like major banks and community credit unions. At Summit Loans, we deliver you a conventional mortgage starting at three percent down and enable 100% gift funds for your down payment. This is all available for you with no origination or administrative fees.

Benefit: You can put down just 3% through complete gift funding options. And of course, there are no upfront charges through us.

Drawback: Conventional loans often have more conservative debt-to-income standards, meaning you need to show a healthy balance between income and debt.

Conventional loans are a solid option, but they are not the right fit for everyone. We’re committed to helping you in navigating all your financing solutions and helping you pick the loan that aligns with your future plans.

Refinancing Your Mortgage

Refinancing your home involves starting a new mortgage to pay off your previous mortgage, typically to improve your loan terms. We include a free pre-qualification for people wanting to adjust their mortgage. We don’t charge application fees or processing fees, making us your best-value lender.

Pros: Trimming your monthly housing costs and helping you keep more of your income. You can also access your home’s equity for cash, which can be used for renovations, simplifying your monthly payments, or major purchases.

Cons: Refinancing your home loan comes with closing costs that can be considerable, making it a less favorable choice for homeowners who don’t plan to stay in their home long-term. Extending your mortgage term can result in incurring higher interest charges over the full duration of your loan.

Everything You Need to Know About Retirement Mortgage Options

Our trusted loan advisors can help you understand whether this is a smart financial move.

Begin Your Custom Build With a Trusted Construction Loan

Construction loans are meant to provide swift financing, so you can build your dream home or embark on a large-scale renovation project. They are typically premium-rate mortgage loans structured to be cleared once the construction is completed. Unlike most other loans, construction loans consist of multiple disbursements throughout the construction process. You’ll find many different types of construction loans, and our experienced lending team would be glad to find the right one for you.

Advantages: You enjoy the flexibility of having the funds to build your property exactly as you’d like it.

Disadvantages: Construction loans demand a final loan option once the build is finished, but we are here to guide you with that next stage of your loan and find the lowest mortgage loan rate.

Our expert team specializes in construction lending and will keep your build on course in terms of cost and construction..

How to Qualify for FHA Financing

FHA home loans are insured by the federal government and created to support low-income buyers or first-time buyers. We're an FHA-certified lender, providing our clients valuable perks with FHA loan solutions. We offer FHA-backed loans with an initial payment of only 1.5% down and FICO scores as low as 580. Entire down payment can be a gift, with zero closing costs for origination or processing.

Advantages: FHA mortgage loans usually have reduced mortgage loan rates.

Disadvantages: Restrictions exist around how much you can borrow, which may vary depending on your location. Connect with a trusted mortgage specialist at Summit Home Loans to speak with an expert.

Own a Property in a Qualifying Rural Location with a USDA Mortgage

A USDA loan is a federally supported mortgage designed for eligible buyers with modest incomes in rural or suburban areas, offering 100% financing and highly competitive interest rates. With us, you may qualify with a credit score as low as 580 and take advantage of no origination or processing fees.

Benefit: USDA loans are more credit-friendly, making it easier for buyers with different financial histories to qualify.

Drawback: Because USDA loans involve additional approval from the USDA as an agency, the process can require a bit extra time than traditional loans.

Supporting Eligible Veterans Through Veterans Affairs Loans

The VA offers the best mortgage loan that helps active-duty service members, veterans, and surviving spouses buy a home with favorable terms and zero down payment. With a VA-backed loan, reap the benefits of reduced mortgage costs and the most competitive interest rates tailored for veterans.

Benefit: If needed, it’s possible to secure a lower mortgage loan rate with a VA Interest Rate Reduction Refinance Loan (IRRRL).

Drawback: Veterans Affairs home loans are designed for owner-occupied properties only, meaning you can’t use them to acquire a second home.

Customized Jumbo Loan Options

For high-value mortgage needs, our team provides highly competitive Jumbo loan solutions throughout the greater Wasatch Front region. Allowing just 10% down and no mortgage insurance costs, our Jumbo loan solution leads the market. We approve FICOs as low as 680 with zero origination or processing fees.

Benefit: You don’t need an impeccable credit score for a Jumbo Elite Loan. At Summit Home Loans, you can enjoy perks like 10% down, no mortgage insurance, and funding solutions for buyers with FICOs as low as 680.

Drawback: A lower down payment allows you to get into your home sooner, but it also means you’re financing a higher portion of the home's cost. Over time, this could increase your overall monthly payments and loan costs, especially for lengthier mortgage loan terms.

Nationwide High Balance Lending Options

For those of you who wish purchase properties in high-cost areas where home prices are higher than average, a Nationwide High Balance Loan may be the solution. Unlike jumbo loans, Nationwide High Balance loans are supported by Fannie Mae and Freddie Mac and often come with lower mortgage loan rates. We’re pleased to be one of the limited lenders across the country who can offer access to this exclusive program.

Advantages: Nationwide High Balance Loans help you afford the properties you desire in a high-cost market. Also, these loans are typically less expensive than jumbo loans and have simpler qualification requirements, making them a smart choice.

Disadvantages: Nationwide High Balance Loans may only be accessed within government-defined high-cost locations. If you plan to buy in a region that isn’t eligible, this option may not be available. Reach out to one of our mortgage loan experts near Bountiful, UT to find out more.

Tailored Commercial Loans

As an independent mortgage brokerage, we strive to help people spend less across various mortgage options. This also holds true for commercial loans. You can expect efficient processing, a wide range of loan programs, and low rates on all commercial financing. Reach out at any time for details about our commercial loan programs. We go beyond traditional home loan services to support your success in business ventures outside of home buying.Commercial loans commonly cover company operations or property purchases. Commercial loans are available in different types, such as SBA-backed funding, commercial property loans, and short-term financing. Let us help you find a suitable option for your goals.

Pros: Commercial financing options help you get major financing to acquire, restructure, or build commercial property.p>

Cons: Commercial loans may carry higher borrowing costs compared to home loans because they are riskier. At times, you may need good business credit, a business plan, and substantial funds upfront to to qualify.

Doctor Loans

Doctor-specific mortgages recognize that physicians usually have strong earning potential but also hold significant student loan debt due to their lengthy and costly education. For this reason, home loans for doctors are often more beneficial to physicians than conventional loans. With reduced down payment options and flexible financial qualification standards, this loan product is an excellent opportunity for medical professionals.

Benefit: You could save a considerable amount monthly since extra mortgage insurance is commonly excluded.

Drawback: Only a small number of lenders offer doctor mortgage programs, but we are proud to be one of them. Get in touch now and start your pre-approval for your new home..

A Variety of Programs

Things change in life, and we’re here to assist you at any point in your journey. As a full-service brokerage, we are able to tailor loans to fit your specific needs. Even if you think you don’t qualify for a certain mortgage, we can review your choices and help find the right solution for you.